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Is Vlad finally out of options? How can he possibly progress without further funding and where is that coming from?
And where are the old faithfuls? Hedge. JHFH. The usual lot.
Is Vlad to pharma what George Roach is to lithium?
The situation just over two weeks ago, assessed by those with knowledge:
P56 Annual Report: Going Concern
The Company has not experienced and does not anticipate that there will be any impact, including on its personnel or supply chain, as a result of the on-going war in Ukraine or the situation in the Middle East save for a general increase in inflation such as of the cost of energy.
The Company successfully raised £5.25 million (before expenses) through the allotment and issue of new ordinary shares during the year ended 31 December 2023, and a further £3.25 million in early 2024. These proceeds were raised in order to facilitate the progression of the Company's HEMO- CAR-T product candidate into clinical trials and to enable the Company to continue development of product candidates for the treatment of viral infections and cancers based on its CBR platform.
Funding will be required by the Company to complete Phase I clinical development.
The Company cannot be certain that such additional funding will be available on acceptable terms, or at all. To the extent that the Company raises additional funds by issuing equity securities, the Company’s stockholders may experience dilution. Any debt financing, if available, may involve restrictive covenants. If the Company is unable to raise additional capital when required or on acceptable terms, it may have to (i) significantly delay, scale back or discontinue the development and/or commercialisation of one or more product candidates; (ii) seek collaborators for product candidates at an earlier stage than otherwise would be desirable and on terms that are less favourable than might otherwise be available; or (iii) relinquish or otherwise dispose of rights to technologies, product candidates or products that it would otherwise seek to develop or commercialise on unfavourable terms.
However, the Directors are of the opinion that the Company has adequate working capital to execute its operations for the present time and is confident in its ability to access additional financing over the next 12 months. The Directors, therefore, have made an informed judgement, at the time of approving these financial statements, that there is a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. As a result, the Directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.
The Auditor's assessment (at sign off date):P42: Key Audit Matter: Going concern (Group and parent company – Note 2)
As part of our audit, we have performed the following procedures:
• Reviewed management’s assessment of going concern to 31 December 2025 and assessed the reasonableness of key assumptions and inputs used by management;
• Evaluated and corroborated the key assumptions and inputs underlying the budgets and cash flow forecasts, including sensitivity analysis against the base case scenario;
• Discussed with management how they intend to fund the clinical trials and other clinical programs, including an assessment of the funding options currently under negotiation;
• Compared management’s forecasts to actual results through the subsequent events period and performed inquiries to the date of this report;
• Assessed the probability of obtaining additional sources of funds when required, together with the ability to defer research and development expenditure; and
• Assessed the disclosures made regarding going concern in the financial statements for consistency with management’s assessment.
The group intends to progress its key development project to clinical trials together with the performance of other clinical programs. Significant additional funds will be required in order to progress as planned, which are not yet agreed and unconditional. As disclosed in Note 2, the group has a high proportion of discretionary expenditure which it is able to defer, if sufficient funding is not available.
Guinness what are you on about? We are all sat here waiting for the first patients, which the raise marketing suggested was H2. We are funded until then. No ramping no deramping in that…just patience. Perhaps I’m missing out on the drivel as most folks have earned their green box, but we know more funding will be required later. There are no surprises or deramping in that. But it’s not now and it’s not before the first patient.